Internet Computer (ICP) Consolidates in Bullish Flag Pattern, Injective Protocol (INJ) Presents Mixed Trends – Here’s Why
The crypto market started this week on a strong note, with Bitcoin now trading above the $72,000 mark. While some altcoins have been pumping, two particular cryptocurrencies, Internet Computer (ICP) and Injective Protocol (INJ), have remained relatively flat.
However, the altFINS team has released fresh new reports on both of these coins, providing valuable insights for investors.
What you'll learn 👉
Internet Computer (ICP) Price Analysis
According to the altFINS report, the price of ICP is currently in an uptrend. Following a bullish breakout from an Ascending Triangle pattern above the $15 resistance level, the price reached a target of $20, resulting in a 30% gain.
Now, the price is consolidating in a Bullish Flag pattern, which is a continuation pattern. This means that the price is likely to break out in the existing upward direction, potentially revisiting the $20 level or moving even higher.
The report indicates that the uptrend in ICP is observed across all time horizons (short-term, medium-term, and long-term). However, the momentum is mixed, as the MACD line is below the MACD signal line (bearish), but the RSI is around 50 (neutral).
The nearest support zone for ICP is at $15.00 (the previous resistance level), followed by $12.00. The nearest resistance zone is at $20.00, followed by $25.00.
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Show more +Injective Protocol (INJ) Price Analysis
The altFINS report on INJ presents a mixed picture for the cryptocurrency. While the long-term trend is in an uptrend, the short-term and medium-term trends are in a downtrend. Following a bullish breakout from a Descending Triangle pattern, the price has resumed its uptrend but briefly broke above the $50 resistance level before getting rejected and pulling back due to some profit-taking by traders.
The momentum for INJ is bearish, with the MACD line below the MACD signal line and the RSI below 45. However, the report suggests that the momentum may be inflecting, as the MACD histogram bars are rising, indicating the potential for an upcoming upswing.
The report recommends a swing trade opportunity, suggesting that investors could consider buying INJ on a pullback near the $30 support level, with a stop-loss at $27 and a target of $40, representing a potential upside of 30%.
The nearest support zone for INJ is at $30, followed by $20. The nearest resistance zone is at $40, followed by $45 and $50.
In conclusion, while the broader crypto market is showing strength, the two altcoins – ICP and INJ – have remained relatively flat. However, the altFINS reports provide valuable insights and trading opportunities for investors to consider in the coming days and weeks.
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